No shemales, both crossdressing traps. Page 11 and 13 both say 男の娘. Wana also means trap.
Edit-Full story: Teruzuki gets horny waiting for Akizuki to come home. Someone stole Teitoku's uniform so he tries to borrow someones clothes. Teruzuki thinks Akizuki got turned into a guy so she has sex with Teitoku. Teitoku borrows Akizuki's clothes, bumps into another Teitoku in the mens bathroom who also had his uniform stolen. But 2nd Teitoku is too horny to go searching for his clothes so he wants to have trap on trap sex first.